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What estate planning steps should one take after a divorce?

by | Nov 19, 2018 | Estate Planning

A will is usually a good representation of a person’s life at the time it was created. However, life is not static, so what may have been an appropriate estate planning choice a year ago might not longer be the case. Those living in Lake Charles should be certain to revise their estate plans after major life events, such as divorce. Divorce can be an emotionally taxing process, and some people may not feel like dealing with anything else either during or after the process, but failing to do so could cost people in the long run.

Parents usually select a guardian to assume responsibility for their children in the event of their own untimely deaths. However, if the selected guardian is a friend or relative of a soon-to-be ex-spouse, that choice might no longer be appropriate. Divorcing parents should carefully evaluate their children’s needs and their own preferences and potentially designate a new guardian in their will.

Divorcees who do not have any children still need to update their wills. During divorce, marital assets are divided between both parties, so a will that was made during a marriage might include assets that a person no longer owns. Individuals should also make necessary updates to the property that they still have, including changing beneficiary designations and selecting different heirs.

For some reason, estate planning is often viewed as a process that must only be done once. In reality, even small life changes can impact the effectiveness of a person’s estate plan. Whether going through a divorce, starting a new job or celebrating the life of a new child, people in Lake Charles should be certain to review their estate plans and make updates as needed.